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Suncorp New Zealand update on proposed acquisition of Tower Limited
3 March, 2017
Suncorp New Zealand today announced that it had made an application for clearance under s66 of the Commerce Act in respect of its proposed acquisition of Tower Limited (Tower).
This follows the announcement on 22 February 2017 that Suncorp Group Limited (Suncorp)’s wholly owned subsidiary, Vero Insurance New Zealand Limited, had successfully acquired a shareholding in Tower (currently 13.291%).
A non-binding indicative proposal has been submitted to the Board of Tower outlining Suncorp’s interest in acquiring the remainder of the business.
Suncorp New Zealand believes it has a strong case for being granted clearance and looks forward to working constructively with the Commerce Commission on its application.
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Suncorp Group Limited (Suncorp) today announced that its wholly owned subsidiary, Vero Insurance New Zealand Limited (Vero NZ), had successfully acquired 11.14% of the ordinary shares in Tower Limited in New Zealand (Tower), and is standing in the market to acquire up to 19.9% of the shares in Tower.
The information in this article has been compiled from various sources and is intended to be factual information only. It is not personal advice and any description of an insurance product or service is not a complete description of all the terms and conditions applicable to the particular insurance product or service. You should consult a qualified adviser for advice on whether the information in this article is suitable for your personal situation and needs. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.
